variable annuity

n.
An annuity in which payments to the annuitant vary according to the changing market value of the underlying investment.

An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio.

Investopedia Says:
The portfolio generally invests in equity securities and its performance determines the amount of this total payment.

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Life insurance Annuity contract whose value fluctuates with that of an underlying securities Portfolio or other Index of performance. The variable annuity contrasts with a conventional or Fixed Annuity, whose rate of return is constant and therefore vulnerable to the effects of inflation. Income on a variable annuity may be taken periodically, beginning immediately or at any future time. The annuity may be a single-premium or multiple-premium contract. The return to investors may be in the form of a periodic payment that varies with the Market Value of the portfolio or a fixed minimum payment with add-ons based on the rate of portfolio appreciation. See also Single Premium Deferred Annuity.